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Jan 30, 2013 5:00pm EST
and the observation that -- and i will quote him -- "annual trillion dollar deficits have become the norm with the current administration." senator hatch is certainly right that that debt is too high. and annual trillion-dollar deficits have indeed briefly become the norm, but i would suggest that that's not the norm recently because of this administration. it's the norm because the economy collapsed. we all remember that the economy collapsed. and to withdraw federal spending from a collapsing economy is only to make things worse. the economic collapse created these deficits, and as the economy recovers, we can draw this will down. now, there's not aagreement on that. some have preached austerity as the way forward when the economy coul lapses. -- collapses of the and when this withstand, there was lively debate between those who support that would be more sensible than austerity. we're past us a started and now into experience much the experience of foreign countries belies that austerity works when economies are collapse ago. from spain to greece, european countries that responded to t
Jan 31, 2013 9:00am EST
-dollar deficits; and the very same president who warned against raising taxes in a down economy is proposing to raise taxes in a down economy. he's clearly getting a big assist on that front from the chairwoman of the budget committee, who says she's going to include tax hikes in the senate democrats' budget plan. that's a bad enough idea to begin with, but it's especially counterproductive considering yesterday's dismal growth numbers. because there are two things we know about tax increases for sure: first, they reduce jobs and hurt economic growth, and, second, they distract us from addressing the real problem, which is spending. as i've explained repeatedly on the floor over the past two weeks, government spending is completely out of control. completely out of control. it's projected to get much worse in years to come. even if the president got the additional tax increases he's asking for, we still wouldn't even come close -- not even close -- to solving the problem. and we certainly we need to get there by wasting time on poll-tested p.r. gimmicks that will hardly bring in any revenue.
Jan 30, 2013 12:00pm EST
. that he expects there will be a balanced budget next year with no deficit and they will be able to breathe a little easier. >> also setting aside a little bit of money for the rainy day fund with the concern that while maryland's budget is in relatively strong shape, as we see the first lady trailing the governor there, shaking hands with senator madalino, while the budget situation has been cleared up in maryland, in washington it's a colossal mess. there is the threat of sequestration, automatic big spending cuts. and maryland in proximity to the district of columbia has so many jobs. not only people who work directly for the federal government, but people who work for contractors that supply the government. >> the governor is proposing in this budget to increase the rainy day fund from 5% to 6%. so that there is more money there. and there will also be a large amount of money in kind of a slush fund to use in emergencies. >> house steve michael busch will do the introduction of the governor. > [ applause ] >> and now say the state of
FOX Business
Jan 28, 2013 8:00pm EST
on right now to further reduce the deficit by asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades. liz: really, reduce the deficit? that did not take long. all of that new tax money drummed up by raising rates on the upper bracket is gone. congress spending it all in one boat. says this is proof positive tax hikes alone won't be what fixes our debt. >> that is absolutely right. members of congress, particularly democrats getting reelected and help putting america back on a path for fiscal sanity. they will not be fiscal sanity. liz: it was just so ugly, whole group of taxpayers and dr. norse attacked, basically now resting the president whipping fastballs by the american people. clearly the american people are much smarter than that, what do you make of that? >> we know this from what the president has told us, every year he puts on a budget, every year we see it adds billions and billions over the next 10 years because it doesn't matter how much it taxes the american people, this isn't about taxing the rich, it is growing the size of government.
Feb 1, 2013 10:30pm EST
is president obama really cares about the deficit. if there is something he noticed in the first two years when the economic crisis had to be front and center, the thing he wanted to deal with was the long-run deficit. the idea that he went on a spending binge if you don't make threats like that is crazy. the evidence is there that he put spending cuts on the table. he asked them for them to be paired with tax increases as well. there is more good will than people realize. more agreement that we have such a big budget problem that will we're going to fire on all cylinders. we have to cut spending. frankly, we have raise more revenue. >> you're listening to the california program and our speakers are economic experts. we are discussing national, regional, and global economic challenges. you can find video online. there's a series of questions around employment and job growth. what what is your outlook on job growth? >> i will start. i think -- i will say i was here last year and i'm more optimistic this year than last year. we made a significant amount of progress. it looks like housing prices h
Jan 25, 2013 7:00pm PST
budget a year ago, the congressional budget office who does the forecast of what the deficit will be, that you have to shrink to get to balance, cbo has changed its forecast. it is more optimistic. it now forecasts $750 billion less in deficits over ten years, with no changes in policy than it did a year ago. so ryan is going to take advantage of the fact that the amount by which you have to shrink the deficit to get to balance is smaller than it looked like a year ago. the third one is interesting. remember, ezra, in ryan's budget a year ago he took credit for all the savings in medicare that are in the affordable care act, then he and romney disowned them. i bet they're right back in budget like they were last year. he will do all of those things, and then on top of them he will have huge cuts in, as you said, the part of the budget that is everything other than defense and everything other than entitlement programs, where education and environmental protection and food safety is. and the advantage for him there is he just lowers the total dollar amount for that part of the budget.
Jan 30, 2013 7:00am EST
who said this, she said this, when i think back myself in may 2010 when uk deficit was at 11%, when you were in office, right? and i tried to imagine, and i tried to imagine what the situation would be like to take if no such fiscal consolidation program had been decided, i shiver. that is what the imf says about the plan of the last labour government. now, he raises the issue of growth. >> order. it is not acceptable to shout down either the prime minister or the leader of the opposition, and the public have a very low opinion of that kind of behavior. let's hear the questions and hear the answers. the prime minister. >> he raises the issue of america, and american growth. the fact is our recession was longer and deeper than the recession in america. the biggest banking bust was not in the american banks, it was british banks. he doesn't want -- they won't talk back to more because he doesn't want to talk back yesterday when the key people responsible for the regulars of the bank and the performance of our economy are sitting right there on the opposition and just. [shouting] >> ed
Feb 2, 2013 9:30am EST
can't keep spending money we simply do not have. >> tax uncertainty. >> the deficit is still too high. >> gridlock over how to fix it. if it weren't for politicians in washington, 2013 could be a boom year. take a step back. your home, your investments, your job. the three ways most people build wealth are all set to take off. home prices rose 5.5% in november, biggest jump in six years, stocks are at five-year highs, near records. the dow is up 800 points in just four weeks. jobs are coming back. things are looking bright in 2013, but to capitalize, you'll have to get ready. and get smart. because smart is the new rich. company profits are up, home prices are up, markets are way up. sandy, why is this market up? i mean, end of last week, i see gdp actually shrank in the end of 2012 but markets are near records. why? >> i think three different things are going on. we are seeing signs of strength in the economy, notwithstanding the weak gdp figures. there was a lot of temporary stuff going on there. if you look at computer spending, housing in particular, you're seeing signs of strengt
Jan 27, 2013 10:00am EST
. this is not the democrats or republicans. his budget gave as $5.30 trillion in deficit. the only areas where we are decreasing is in our defense system. that is what needs to change. we need to make our case to the american people. right now they do not know that the only major area of government where he is making reductions is in our defense system. i did not agree with him when he wanted to change the emphasis on the middle east to the far east. that is why i went to the far east last week and looked. we have serious problems. we have changing of our personnel from japan to guam. this is the sign for the president's to be diminishing the punishment. i knew this was coming. i remember his first budget four years ago. i knew what he was going to do. he was going to be starting his army of america. in may sound and fair but that is what i mean. i went to afghanistan so i can watch what is going on. but remember what happened. he defunded are only fit generation fighter. he did the same thing with airlift capacity. he did away with our future combat system. that is the first time there has been
FOX Business
Jan 27, 2013 1:30am EST
into the presidency barack obama, who ignored, ignored his own deficit panel on recommendations. on the other thing, as a tactical matter, the republicans punting, i think it's a smart thing. you know, i think if they're going to really go to battle on this thing, they've got to get their acts together and have a game plan. because i'm telling you-- >> get their ax-- >> and if we default, this country is going to go through some major, major issues, and government's going to stop working and that's going to affect a lot of people. and we have not been through, when two-thirds of the federal government has shut down. >> adam, adam, this is it, charlie put it it in a nutshell, the scare tactic, that we're obligated to this mountain of debt until it falls on top of us, if that's the only route we have. >> we are, but let me try to put this in perspective. i absolutely agree with you, charles, politicians should be prepared to lose their jobs on major issues. there comes a gut check time. i'm going to do what's right. now, the question is, is this that time? i don't think delays the debt ceiling issue
Feb 2, 2013 12:30pm PST
we have had five straight trillion dollars worth of defense deficits to pump it up and we get $85 billion a month in transfusions a month from the fed and we are still limping along like a mature and quite frankly modest economy. >> eleanor? >> i think these numbers reflect the fact that government is shrinking and the defense department really pulled back in the last quarter of last year. it is a cautionary sign and looks like both parties are kind of sleepwalking their way toward a sequester. the ropes don't want to -- the republicans don't want to give up anything on the revenue side they would rather take a hit in spending. the democrats have protect social security, pell grants and medicaid, so they are not going to cave first. so if neither party blinks, the sequester will go ahead and we'll see further contraction in the economy. but you know, i'm not that glammy. i take my cue are from mark sandy, an accomplished economist. he says in 2013 we are going to go along with steady, modest growth but the housing market is truly come back and 2014 looks like. >>> tell mark the co
Feb 2, 2013 1:00am EST
really needed was deficit reduction. and this is a period in which we didn't come to a big deficit reduction deal. what we did is raise taxes. it cut the deficit a bit, but not a big deal. what happened to the markets? somehow we kept adding jobs and the stock market did really well. it all worked out reasonably okay. so here is what we learned. cutting government spending hurts economic growth. no doubt about it. that means doing it in a bad economy may not be such a good idea. but increasing taxes a bit, not coming to the big deficit deal. the private sector and even the markets don't seem all that concerned. the last week should cause a lot of people in washington to re-think what they're doing. i am not optimistic that will happen. joining me now, former economic adviser to vice president joe biden, jared bernstein, a man who is always re-thinking what he is doing, how are you? >> i'm fine, ezra. >> and what else did you see in the reports? you got a good eye, what caught yours? >> one thing i saw was the revisions to last year's employment growth was such that i thought we wer
FOX Business
Jan 27, 2013 2:00am EST
money. >> weather you have ear marx or don't have earmarkings. you will have huge deficits and you will be problems as long as obama who wants to expand government over our lives. reduce the deficit by reducing the role of government. >> coming up. net flicks netting huge gains after strong gains and informers releasing their names. name to make you money, coming up.
Jan 29, 2013 7:00pm EST
with harry reid and turn this into a tax hike xwbill? >> what we need to do is focus on the long-term deficit. i agree. you raised the point about the need to get together and come up with a deal and eliminate the deficit, that would be great. but cutting a massive, massive cut in spending. but it is a bad idea. but you have a month. okay. march 1st is the deadline. five 12th of the fiscal year is over. that takes $24 billion out of the equation. so you are going to talk i don't know what the math is, i'm going to say $55 billion, nearly all of that is going to be slower growth. if we can't do that, then we can't do anything. remember, what we are doing here, that spending is somebody else's income. look, i'm all for long-term cutting. >> we have to start copying these programs. we gave $60 billion out in the relief bill. $40 billion of it was pork. the net cut here was almost zero. the economy was very soft. we can agree we want growth. >> but cutting spending is good for the economy. >> if you can cut spending and you don't reduce taxes you are sucking demand out of the economy. here is the
Feb 1, 2013 8:00pm EST
people like laura tyson writing columns calling for the need for a plan for faster growth, not deficit reduction. what is the president -- i know you've talked about how all the president's plans envision job creation, but what does the president tell his advisors when he sees these signs of a sluggish recovery? what is he asking in the way of things to speed recovery, create jobs and stimulate growth? >> i'll go to the narrow question first. every time the president meets with his economic advisors to discuss policy proposals and refinements to existing policies, the focus is on job creation and economic growth. and that includes when we have discussions about deficit reduction. as i've said many times and as the president has made clear, deficit reduction is not a goal unto itself. it is a means to, if done right , the desired goal, which is greater growth and greater job creation. as part of an overall economic policy. i would note that today's jobs figures and the revisions that we saw in previous months' jobs figures mean that over 35 months we have created 6.1 million private sec
Feb 2, 2013 6:20pm EST
have worked together to reduce our deficit by $2.5 trillion. that is a good start, but to get the rest of the way, we need a balanced set of reforms. for example, we need to lower the cost of health care like programs like medicare. we cannot pass the burden. these reforms must go hand-in- hand with eliminating excess spending in our tax code so that the wealthiest cannot take advantage of loopholes and reductions that are not available to most americans. 2012 can be a year of solid growth and more jobs and higher wages. -- 2013 can be a year of solid growth and more jobs and higher wages. everyone in washington needs to focus on what is right for the country, on what is right for you and your families. that is how we will get our economy moving faster. it will strengthen our middle class. we will build a country that rewards the effort and determination of every single american. thank you. have a great weekend. >> hello. my name is susan brooks. it is a pleasure to speak to you from my home state on indiana. my husband and i have raised two children here. i've been a us attorney for t
FOX News
Jan 28, 2013 1:00pm PST
this is money well spent negotiation? >> sure, but the issue is, do you add it to the deficit in door you go ahead and find offsets? there are a lot of things that folks have problems with. one is that the a lot of the spending did not happen until 2013 and in the future. there was an argument that okay, we will take care of the emergency needs in the next year and a half and declare those an emergency and allow that to go under the deficit but money spent after 2014, make that compete in the regular budget process with all the other money so that way you find offsets or lesser programs if we have to spend. so the question is not, do you spend the up. the question is, do you borrow from the future to spend the money or do you find other ways to take care of it? >> what do you think? some say there are so many things that go directly to the bottom line, to the deficit, to the national debt, why would you want to use emergency aid to have to answer to a higher calling? >> well, the question, should everything answer to that same calling, the bolt only line of where we are on deficit and debt.
Jan 27, 2013 11:15pm EST
. deficit cut to 4. northeastern ends the game on a 22-6 run of its own. george mason falls to northeastern 71-51 the final. >>> off the tiger turnover, getting ahead. eric green to brown for the jam. game tied at 33 at the break. second half. mcdaniels misses the three and hustles, too. booker tries to get the put back in. here comes daniels. tigers up 3. two minutes to go. tigers lead down to the 2. inside to milton jennings who hits the jumper. game high 28. virginia tech falls to clemson, 77-70 and drops to 4-8 in acc play. >>> of the two sides that weren't really trying, who tried harder? next.  >>> unlike next week's super bowl, where the two sides lay it all on the line, the pro bowl features two sides that lay as little on the line as possible. honor to go. five redskins invite, three playing. defense represented today in honolulu. always wanted to give maximum effort. manning to green. green had three touchdown catches today. third quarter, nfc leading. washington, one of the greats. look who is leading the way in the blocking. alexander clears the path for washington
Jan 28, 2013 7:00pm EST
of it this way. think of this. deficit spending robs taxpayers to finance government unions and special crony capitalist interest groups. that's why milton friedman called spending the gdp the ultimate tax burden. if you get spending gdp from 25% to 20%, wow, you'll be cooking up some economic growth. now, these cuts so-called it's about $80 billion, i think, in the first year, over ten years it runs about $1.2 trillion in total. i think it'll bolster confidence in business, i think it'll help markets, and i think it'll show people that the u.s. economy is not greece. now, everybody may not agree with me. and those that do disagree with me are, of course, wrong about this issue. but, yes, we will debate it. it's an important issue. but first up, here's what paul ryan says about why these cuts are important. >> we're not preaching austerity. we're preaching growth and opportunity. what we are saying is if you get our fiscal ship fixed, you preempt austerity. that's the -- here's what a debt crisis is. a debt crisis is what they have in europe which is austerity. ♪ alright, let's go. ♪ shim
Jan 27, 2013 5:00am PST
with regard to the big deficits relates to the fact that the postal service has to prepay a fund that will pay for future retirees' health care benefits over the next five years. an accounting mechanism put into the law in 2007, requiring the postal service to pay $5.5 billion a year that has added up to enormous deficits that the postal service simply can't pay. if you look at the operating deficit of the postal service last year, it was about 2$2.5 billion and they are hoping to reduce that deficit this year. but the burden that they have with the big health care payments creating enormous pressure on the postal service and making difficult to adjust to the future. >> so i guess what is the answer then? can we just cut to the chase? what price do we really need here to get the postal service out of debt? >> well, you know, the postal service, we figure out how much money they would need and the prices, it could raise 25% or more. and given the competition with the internet, are you likely to get fewer pieces of mail and raise the prices even more. simply raising prices is not the solution. i
Jan 27, 2013 12:00pm PST
ceiling for three months and figure out deeper cuts to reduce the deficit. that keeps me employed for a few more months. but even before that deadline hits, again, march 1st will be on us. the so-called sequester deadline. that's a stupid washington name for a stupid and dangerous washington creation. the automatic across the board spending cuts. and then there's another date to worry about, april 15th. not just tax filing day, but the date by which congress has promised to adopt a budget resolution. they've even this time staked their pay on it, agreeing to reach a deal or face suspension of their paychecks until they reach a deal. that might just be enough of a carrot to present a budget that takes on our ballooning deficit. but the battle over that deficit make that recent battle over tax hikes for the rich seem like a friendly game of badminton. big spending cuts are needed and they will hit americans where it hurts. health care, medicare, social security. president obama emboldened by his re-election has already drawn his so-called line in the sand. now, republicans have to b
Jan 27, 2013 8:00am PST
said has to be in it. >> you're going to need more revenue as well as more cuts to get the deficit down. i've talked to leader reid. budget claire murray. we're going to do a budget this year, and it's going to have revenues in it. and our republican colleagues better get used to that. >> so this is still a fight between how much spending cuts and how much taxes. the president got his -- >> well, simpson 3w0-bowles sai let's get rid of the high tax rates. the president doesn't want that. you had $1 trillion in tax increases with obama care. new tax increases at the beginning of this month. and now they are calling for even more tax increases, and they are not calling to cut spending. they are calling for spending increases. so basically what they're saying is, they want americans to pay more so washington can spend more. that's not going to help the economy, and that is not going to close the gap and balance the budget. the reason we want to balance the budget is not to make the numbers add up. we think that's necessary for growth and opportunity. we think it's necessary to make sure th
Feb 1, 2013 1:00pm EST
and revenue growth? clarification from washington. a grand bargain encompassing a deficit reduction for ten years like tax reform and titlement reform. discretionary titlement reform. and debt extension for maybe two years. first, the recession needs it stabilize there. but a clear road to fiscal, banking reforms and indication that europe is serious about improving competitiveness. third, resumption of growth in emerging economies led by china. finally, the fed successfully engineering a modest increase in interest rates without unleashing run away inflation. i know, tall orders. >> this is a tall order, bob. >> but this would create a huge boost of business confidence. capital expenditures and hiring would increase and revenues would rise. finally, sue, on a day when the dow passed 14,000, it is forth while noting that the last time the dow passed 14,000, valuations were much higher with the ratio for the s&p at that time was 22. about 14 right now. what does that mean? well, historic average for the s&p 500 is 15, it means the market was way overvalued, sue, in 2007. today it is somewhat
Jan 29, 2013 9:00am EST
spending and debt crisis. as we all know, bowles was tapped by president obama to lead a bipartisan deficit commission with former republican senator alan simpson. the two men, along with a commission, proposed recommendations for you are a big and bold plan to reduce our long-term debt. rather than heed some of these recommendations and build off of this bipartisan momentum cephal years ago -- several years ago, the president ignored it completely and since has done nothing and offered no plan of his own p. -- of his own to fix our dire fiscal plight other than to propose new taxes. as i mentioned in previous remarks the president got his tax increases on millionaires and billionaires, but no one should be fooled into thinking that this solves our fiscal crisis. recently in ain' in an intervier chief of staff erskine bowles rightfully criticized the administration and the congress for not striking a significant budget deal and called it the most -- that failure the most disappointing thing in my life. he went on to say, "ther "they'e bouncing from one crisis to noamplet it's nuts. we have
Jan 29, 2013 4:00am EST
that. spain might be even more trying to reduce its public deficit over the next couple of years. european officials will not make a decision until next month when they will assess the spanish austerity program on the 22nd of january. it was explained that europe information would have to take into account the growth prospect of the fiscal space for each country in europe and could, indeed, soften the spanish deficit target if the economy continues to contract. that's precisely what we are expecting because for the fourth quarter, we are expecting the spanish gdp to shrink by 0.4%. for the time being, spain has a deficit target of 4.5% for 2013. that seems to be really ambitious if not out of reach. because to meet this new target, the government would need to find $20 billion of additional euro cut. that won't help the spanish economy to go out of recession. for that reason, oli rehn thinks spain will need some incentive from stimulus measure toes improve its economy and boost its labor market. >> it has to be complemented with policies to help the unemployed find new work or tr
Feb 1, 2013 7:00am EST
apiece saying how the trust deficit is hurting the economy. what are you trying to say about that? guest: we usually do not talk about trust deficits. talk about trade, budget deficits, things we can measure. i'm talking about a breakdown of trust in american society, in particular in the institutions that make our economy go. when you look at measures of trust from surveys like a gallup or the pugh institute -- the pew institute, or even newspapers, congress, large corporations, banks, public schools, they have all been going down for many years. for a lot of them, this decline in trust was intensified leading up to and going into the financial crisis. there are a lot of reasons for these things we can talk about. what we were trying to get at in the story that -- is that this matters to the economy, and trust breaks down. there was nobel prize-winning economist who 40 years ago said that every commercial transaction has within it an element of trust. when you trust your counter party, you're more likely to engage in a transaction. when trust begins to fray, and people become suspicious
Feb 2, 2013 12:10pm EST
years ago? we started following the same math approach that created our federal deficits at the national level. democrats and republicans alike in this very chamber had voted to cut taxes for millionaires and to increase state spending without paying for either one. the result? $1.7 billion dollar deficit. that is how it works. it is failing to deliver results. underperforming schools, tuition hikes, rising in crime outside of baltimore. in 2007, together we started making that her choices. we cut spending growth, we had a penny to the sales tax to improve our children's education. we made our tax code more progressive and fair. we put concrete acts and to close our. when the national recession hit, wiping jobs and revenue across the country, including here, other states try to find prosperity. they found that this only made things worse. laying off police officers, firefighters, teachers. they are hoping that somehow it would trickle down to the rest of us. in maryland, we made better choices. we made government more efficient and effective. for the first time we started sending public
FOX Business
Jan 27, 2013 9:00am EST
marx or don't have earmarkings. you will have huge deficits and you will be problems as long as obama who wants to expand government over our lives. reduce the deficit by reducing the role of government. >> coming up. net flicks netting huge gains after strong gains and informers releasing their names. name to make you money, coming up. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro.
Search Results 0 to 49 of about 532 (some duplicates have been removed)